While the price of gold has dropped in value from the asset’s all-time high on March 8, the U.K.’s oldest precious metals (PMs) company, the Royal Mint, saw record profits over the last 12 months. In fact, the Royal Mint’s annual earnings show the firm has seen the highest profits in 12 years, with PMs accounting for roughly 86.7% of the Royal Mint’s revenue.
Precious metals demand has skyrocketed, according to the recent annual profits accrued by the Royal Mint over the last 12 months. The official coinage supplier of the United Kingdom, and a limited company wholly owned by His Majesty’s Treasury, recently published the firm’s annual revenue and sales data. The report notes that the Royal Mint saw $1.33 billion in sales over the fiscal year and 86.7% of Mint’s total revenue derived from PMs.
“It is the second consecutive year that the Royal Mint’s profit has been driven entirely by its consumer-facing divisions as the use of circulating coin declines — helping to safeguard the business and employment for the future,” the Royal Mint said in its annual revenue report.
The Royal Mint’s annual earnings follow the U.K.-based PMs dealer Ash Kundra noting on October 1, that the firm ran out of physical gold coins and bars over significant demand for bullion. Ash Kundra cited that the recent PMs demand stemmed from the U.K.’s fiat currency declining in value, the pound sterling (GBP), against the U.S. dollar. At the time of writing and over the last six months, the GBP is down 14.46% against the greenback.
The Royal Mint also sold commemorative precious metal coins to the United States and this year it saw a 62% rise in sales. The PMs supplier said it “saw record numbers” of investors over the last 12 months and the Royal Mint’s business opportunities have evolved.
“[The Royal Mint] has seen the U.K.’s oldest manufacturer successfully evolve into a consumer brand, expanding into precious metals investment products, the sale of historic coins, jewellery, and luxury collectibles,” the Royal Mint’s annual report declares.
While there’s been a lot of demand, the price of gold and silver per troy ounce has dropped against the U.S. dollar during the last 220 days. On March 8, the nominal U.S. dollar value of gold per troy ounce reached a lifetime high at $2,048 per ounce.
On that day, silver’s price per ounce was $26.37 per ounce and since then, silver has lost more than 30% in USD value. The Royal Mint’s report further notes that the company is launching a facility that recovers gold from electronics components and other types of waste in 2023.
In addition to the current U.K. coins in circulation, and following Queen Elizabeth’s passing in September, the Royal Mint explained the company plans to produce coinage that features the effigy of King Charles III.
“The first coins bearing the effigy of His Majesty King Charles III will enter circulation in line with demand from banks and post offices. This means the coinage of King Charles III and Queen Elizabeth II will co-circulate in the UK for many years to come,” the Royal Mint’s CEO Anne Jessopp said in the annual report.
What do you think about the Royal Mint’s record profits stemming from increased demand for precious metals like gold and silver? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: David J. Mitchell / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
While the price of gold has dropped in value from the asset’s all-time high on March 8, the U.K.’s oldest precious metals (PMs) company, the Royal Mint, saw record profits over the last 12 months. In fact, the Royal Mint’s annual earnings show the firm has seen the highest profits in 12 years, with PMs accounting for roughly 86.7% of the Royal Mint’s revenue.
Precious metals demand has skyrocketed, according to the recent annual profits accrued by the Royal Mint over the last 12 months. The official coinage supplier of the United Kingdom, and a limited company wholly owned by His Majesty’s Treasury, recently published the firm’s annual revenue and sales data. The report notes that the Royal Mint saw $1.33 billion in sales over the fiscal year and 86.7% of Mint’s total revenue derived from PMs.
“It is the second consecutive year that the Royal Mint’s profit has been driven entirely by its consumer-facing divisions as the use of circulating coin declines — helping to safeguard the business and employment for the future,” the Royal Mint said in its annual revenue report.
The Royal Mint’s annual earnings follow the U.K.-based PMs dealer Ash Kundra noting on October 1, that the firm ran out of physical gold coins and bars over significant demand for bullion. Ash Kundra cited that the recent PMs demand stemmed from the U.K.’s fiat currency declining in value, the pound sterling (GBP), against the U.S. dollar. At the time of writing and over the last six months, the GBP is down 14.46% against the greenback.
The Royal Mint also sold commemorative precious metal coins to the United States and this year it saw a 62% rise in sales. The PMs supplier said it “saw record numbers” of investors over the last 12 months and the Royal Mint’s business opportunities have evolved.
“[The Royal Mint] has seen the U.K.’s oldest manufacturer successfully evolve into a consumer brand, expanding into precious metals investment products, the sale of historic coins, jewellery, and luxury collectibles,” the Royal Mint’s annual report declares.
While there’s been a lot of demand, the price of gold and silver per troy ounce has dropped against the U.S. dollar during the last 220 days. On March 8, the nominal U.S. dollar value of gold per troy ounce reached a lifetime high at $2,048 per ounce.
On that day, silver’s price per ounce was $26.37 per ounce and since then, silver has lost more than 30% in USD value. The Royal Mint’s report further notes that the company is launching a facility that recovers gold from electronics components and other types of waste in 2023.
In addition to the current U.K. coins in circulation, and following Queen Elizabeth’s passing in September, the Royal Mint explained the company plans to produce coinage that features the effigy of King Charles III.
“The first coins bearing the effigy of His Majesty King Charles III will enter circulation in line with demand from banks and post offices. This means the coinage of King Charles III and Queen Elizabeth II will co-circulate in the UK for many years to come,” the Royal Mint’s CEO Anne Jessopp said in the annual report.
What do you think about the Royal Mint’s record profits stemming from increased demand for precious metals like gold and silver? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: David J. Mitchell / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
Xrp rebounded from recent drops in price on Friday, as the token surged by nearly 10% in today’s session. Cosmos was another notable gainer, as it snapped a four-day losing streak. Overall, cryptocurrency markets were mostly higher, with the global market cap up nearly 5% as of writing.
XRP was one of today’s big gainers, as prices of the token rose by nearly 10% earlier in today’s session.
Following a low of $0.4380 on Thursday, XRP/USD raced to an intraday peak of $0.5117 during the day.
Yesterday’s drop saw the token slip to a ten-day low, which was marginally below a floor of $0.4460.
As of writing, XRP is now trading at its highest point since Monday, when prices were above a key resistance point of $0.5280.
Looking at the chart, today’s surge comes as the 14-day relative strength index (RSI) rose beyond its own ceiling at 57.00.
Currently, the index is tracking at 58.07, with bulls seemingly targeting a higher resistance of 60.00.
Cosmos (ATOM) was another notable gainer on Friday, as the token rebounded from a four-day losing streak.
The world’s twenty-second largest cryptocurrency climbed to a high of $12.24 earlier in the day.
Friday’s peak saw ATOM/USD almost 12% higher than the low from the previous day of $10.80.
As a result of Thursday’s drop, ATOM fell below its floor at the $11.90 point, however bulls reentered the market at this point, as this typically has happened at this mark.
The 10-day (red) moving average is now nearing its 25-day (blue) counterpart, which could trigger a potential upwards crossover.
As of writing, the RSI is moving closer to a resistance of 43.00, which could be the main hurdle for potential bulls looking to enter the market.
Register your email here to get weekly price analysis updates sent to your inbox:
Could cosmos hit $13.00 this coming weekend? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
Xrp rebounded from recent drops in price on Friday, as the token surged by nearly 10% in today’s session. Cosmos was another notable gainer, as it snapped a four-day losing streak. Overall, cryptocurrency markets were mostly higher, with the global market cap up nearly 5% as of writing.
XRP was one of today’s big gainers, as prices of the token rose by nearly 10% earlier in today’s session.
Following a low of $0.4380 on Thursday, XRP/USD raced to an intraday peak of $0.5117 during the day.
Yesterday’s drop saw the token slip to a ten-day low, which was marginally below a floor of $0.4460.
As of writing, XRP is now trading at its highest point since Monday, when prices were above a key resistance point of $0.5280.
Looking at the chart, today’s surge comes as the 14-day relative strength index (RSI) rose beyond its own ceiling at 57.00.
Currently, the index is tracking at 58.07, with bulls seemingly targeting a higher resistance of 60.00.
Cosmos (ATOM) was another notable gainer on Friday, as the token rebounded from a four-day losing streak.
The world’s twenty-second largest cryptocurrency climbed to a high of $12.24 earlier in the day.
Friday’s peak saw ATOM/USD almost 12% higher than the low from the previous day of $10.80.
As a result of Thursday’s drop, ATOM fell below its floor at the $11.90 point, however bulls reentered the market at this point, as this typically has happened at this mark.
The 10-day (red) moving average is now nearing its 25-day (blue) counterpart, which could trigger a potential upwards crossover.
As of writing, the RSI is moving closer to a resistance of 43.00, which could be the main hurdle for potential bulls looking to enter the market.
Register your email here to get weekly price analysis updates sent to your inbox:
Could cosmos hit $13.00 this coming weekend? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
PRESS RELEASE. 14th October, Miami, USA — Luxury watch and Jewelry online shop ‘Watches World’ has made a significant foray into the blockchain world with the adoption of crypto payment support for BTC, ETH, BNB, SOL, and dozens of other top cryptocurrencies.
Watches World has implemented the payment protection solution of UTRUST so that customers can buy luxury watches & other jewelry with over 100 different cryptocurrencies on its online store. The move to adopt crypto payments is just the first step for the company, as it further integrates its services into the blockchain space.
Watches World CEO & Founder Rudy E. stated:
“Since I got into crypto in 2011, I have seen its potential to address some of the issues of centralized payments, and I am proud that we can now offer support for over 100 cryptocurrencies to our customers. This is a huge step forward for us, and the luxury watch market”
Online Shop, Team & Showrooms
Watches World is an online shop where anyone can buy, sell, and trade luxury watches as well as other rare jewelry. Customers can use over 100 different cryptocurrencies, (in addition to fiat) to purchase their luxury watches or jewelry.
The Watches World team is composed of over 50 industry experts in the field of luxury watches, and the company states that it has a strong focus on trust, transparency, and providing the highest possible level of service for all customers.
In addition to the online store, Watches World also has 8 Showroom locations across 4 different continents. In Europe, there are stores in Paris, London, Prague & Dublin, a Miami store in North America, Sao Paulo in Brazil, Dubai in the U.A.E, and a Hong Kong showroom in Asia.
High-end Brands & Premium Services
Watches World caters to buyers of the most renowned high-end watches with over 50 of the leading watch brands for sale, as well as limited edition releases and rare jewelry pieces from around the world. Their frequently refreshed stocks include pieces made by Rolex, Audemars Piguet, Patek Philippe, Richard Mille, Vacheron Constantin, Hublot, Omega, Cartier, Jaeger LeCoultre, IWC, Tag Heuer, Chanel, Dior, and many more.
Unlike some other competitors, Watches World is not simply about selling new luxury watches. They also sell second-hand pieces which would otherwise be out of stock, or extremely hard to come by. Their crypto-friendly site allows customers to sell their rare pieces or trade them against showroom stock, allowing for a lot of flexibility for purveyors of rare watches and crypto enthusiasts alike.
Revolutionizing the Watch Market
Offering luxury watch purchases with cryptocurrency is just the beginning for the Watches World, which are intent on disrupting the market and moving away from the outdated methods commonly used by established competitors. Watches World’s unique platform employs advanced technology for fast competitive pricing and methods for customers to trade watches, guaranteeing them the best-in-market deal, and great offers.
But it is not solely an online company. For the traditional Watch connoisseur who wants to conduct their business face-to-face, the company facilitates booked appointments in all of its 8 up-scale showrooms. Watches World is meticulous when it comes to quality control. All watches undergo a rigorous inspection process to ensure their quality and authenticity before they make it to the showrooms or the platform.
Buy Luxury Watches with Crypto
This year Watches World made a huge step towards future-proofing its business model with the implementation of the UTRUST payment protection solution. With this revolutionary solution, Watches World customers can now buy watches with crypto, over 100 different cryptocurrencies are supported by the platform, which extends to other jewelry items like luxury bracelets, necklaces, and rings.
This move is not only taking the Watches World customers by storm, but it also brings exposure to an untapped luxury watch market that is starting to attract new pro-crypto clientele. And if that was not enough, the UTRUST solution protects against fraudulent digital currency payments and has no chargebacks, giving customers complete peace of mind.
Further Blockchain Developments
Watches World is looking to expand further into blockchain in 2023 with a P2P exchange, a VR store in which customers could shop for their watches in an immersive 3D environment, with the team scouting Metaverse locations. To learn more about how Watches World is leading the charge in disrupting the market, check out their luxury watch platform here.
Watches World CEO & Founder stated:
“With an already established pro-crypto clientele from the UTRUST integration, we will soon be maximizing the full potential of blockchain & NFT technology with the introduction of a virtual 3D store, and eventually our own utility token.”
Watch World Socials
Twitter | Facebook | Instagram | LinkedIn
Media Contact Details
Contact Name: Margarita Raiu
Contact Email: margarita@watchesworld.com
Watch World is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.
Source From : News